Page 105 - AAE PR REPORT - August 2024

Strategic Expansion: Al Ansari Financial Services

Acquires BFC Group with Protiviti's Middle East

Advisory

By Norzeen Tenzing

Updated: Wednesday, August 7, 2024, 16:35 [GST]

Protiviti Member Firm for the Middle East region, a global consulting firm, has announced its role as
the exclusive financial advisor to Al Ansari Financial Services PJSC (AAFS). This announcement
follows the successful signing of a sales and purchase agreement to acquire BFC Group Holdings
W.L.L. (BFCGH) for $200 million (DH735 million).

This acquisition involves purchasing 100 percent of BFCGH, a leading foreign exchange and
remittance group based in Bahrain. The deal allows AAFS to expand its presence across the UAE,
Bahrain, Kuwait, and India. The combined entity will now have over 410 branches, marking a 60
percent increase from AAFS's current network.

Strategic Expansion in the GCC Region
The merger will also boost the workforce to around 6,000 employees, enhancing service
capabilities and operational efficiency. This significant milestone positions AAFS as the largest
remittance and foreign exchange provider in the GCC region by branch network.

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